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South African businessman Mike Teke, chairman of FutureCoal and Group CEO of Seriti Resources, has urged global financiers to reconsider their stance on coal funding, saying the resource remains vital to energy security and economic growth.
In an open letter to banks, insurers, and institutional investors, Teke, one of South Africa’s most influential Black business leaders, called for equal treatment of metallurgical coal and new-generation low-emission thermal coal. He pointed to record global coal consumption in 2024 and noted that coal still provides 33 percent of the world’s electricity supply.
FutureCoal backs technology-driven energy transition
FutureCoal, the global alliance representing the coal sector, has launched its Southern Africa Chapter to promote a technology-based approach to responsible coal use. Its Sustainable Coal Stewardship (SCS) framework highlights measures such as pre-combustion efficiency, advanced combustion with carbon capture, and new applications including coal-to-hydrogen and extraction of critical minerals.
Teke argued that these solutions, already used in Asia, the U.S., and South Africa, show coal can support growth while cutting emissions if backed with investment. “There is no practical reason not to fund coal responsibly under the SCS framework,” he wrote, calling on financiers to take a pragmatic approach to the energy transition.
Industry and investor backing sought
Teke’s intervention follows FutureCoal CEO Michelle Manook’s earlier appeal to “Fund Fair, Fund Equal,” which urged financiers to apply the same standards to thermal coal that metallurgical coal already enjoys. He also encouraged his peers in the coal value chain to speak openly in support of the resource.
“Coal powers industries, protects jobs, and underpins national development strategies, especially in regions with few alternatives for stable electricity,” he said. “The aim is not to displace renewables but to recognize the role all resources play in economic growth, environmental progress, and long-term energy security.”
Financing at a crossroads
Since its February 2025 launch of the Southern Africa Chapter, FutureCoal has stepped up its advocacy for fair financing of coal, publishing its “Fund Fair. Fund Equal.” campaign to press banks and insurers for equal treatment of coal projects. The appointment of Seriti Resources CEO Mike Teke first as chapter chair and later as global chairman in August 2025 cemented his role as one of the most influential voices defending coal’s place in Southern Africa’s energy mix.
The call comes as commercial banks invested more than $130 billion in coal projects across Asia, Europe, and the U.S. in 2024. While some lenders have tightened restrictions, others continue to back coal to meet rising demand. Teke’s message reflects FutureCoal’s push to position coal as a viable, responsibly managed part of the global energy mix rather than a declining fuel. He invited institutions reviewing their energy portfolios or ESG frameworks to work with FutureCoal on aligning investment goals with the SCS model.
